I love the impression of how so many innovative ideas are created and developed over time.
A single thought can lead to an amazing idea that is a game changer.
With the job market getting leaner than it can accommodate, many people have no choice but to venture into business.
Amazingly, the world has become a global hub, with a feel-good factor in starting a business. Every new idea is a step towards creating a startup business.
But there is a problem. Studies show that nearly 94% of startups flop barely one-to-two years of their beginning.
Where do they go wrong? Is it that the founders lose their sight of making their visions into reality? Do they adapt wrong strategies without rectifying it? Are they too much overambitious?
Here are some of the best-kept secrets about startups that you’d wish to know:
1). Having a solid Business Plan
Before a builder can start constructing a house, he needs to have a house plan.
A house plan assists knowing the correct measurements, where to place the doors and windows, where to partition to mention three.
Inevitably, businesses, require a solid business plan. The cold truth is that a business plan communicates your thoughts and ideas to people.
Again, when making decisions, a business plan acts as a guide.
Similarly, a solid business plan enables you to convince lenders/ or financiers and investors to lend or invest in you.
Your business plan should be able to talk about:
- What the company does.
- How to solve some of the problems.
- The amount of money required.
- Your marketing approaches.
- Target market.
- The risks involved.
- Exit strategy
2). Set a clear and easy to understand strategy
In real life, an organization where everyone is moving in different direction indicates that there no clear plan or strategy.
Over the years, I have been amazed at how much debate the term strategy can spawn.
In fact, it’s natural for an organization to have a plan but have widely different views from its employees.
As a founder, it is imperative to have a clear strategy that everyone can easily follow. That strategy should be straightforward and align with the company’s vision.
Besides, it shouldn’t reach a point where a few who understands the strategy controls all the operations.
Look, when everyone is on the same page, there’d be no differing views about the direction of the company.
But how do you get people on the same page?
Getting people on the same page means assembling the right team that shares the same vision as you do.
People of integrity, high work ethics, committed to moving the company to the next level.
3). Focus on adding value to your target customers.
Why do people start a business?
Well, there’re several reasons, but one is to solve customer’s needs.
Think of it this way. The innovative idea that you have has come from a need you’ve identified.
A need that requires a solution.
Therefore, it is important to focus on the need. By asking yourself the ‘Why’ question, you never lose sight of the customer’s needs.
Work on how to add value to your product or service.
Customers will be willing to pay for what they deem valuable to them.
That said, startups that thrive highly value the feedback they get from their customers. It gives them the momentum to work even harder to solve the emerging problems.
4). Building a talented-cohesive team
The story behind most successful multinational companies is their talented team.
Steve Job of Apple Inc. assembled one of the most talented team that he could find to build his empire.
Working alongside his talented team, he built a cohesive workforce that walked along the company’s vision.
Of course, it wasn’t simple; he saw the need. In fact, it does not necessarily mean having a huge team; you can have a small but an efficient team.
Ensure that each department has the best of talent you can assemble.
Business enterprises that relentlessly build on teamwork, overcome challenges that come along. Teamwork provides varying approaches to issues, and problem-solving.
The process should begin from the top-level management down to the bottom line management. On the road towards building company’s reputation, they are a fair share of challenges along the way.
5). Develop a product or service that fits well into the market
As the name suggests, the startup is a new idea in its infancy stage. And so, by nature, the startup is a new thing—people are always skeptical about a new thing.
That shouldn’t discourage you from starting one.
One of the most exhilarating things is learning from the best—launching a product line or service that moves the masses. Now, starting something new from within established company is easier said than done for one good reason.
It requires the manager to act against many of their perfectly reasonable instincts. But to give a new venture a fighting chance to succeed, you do have to set it free.
You need to learn to test it at its early stages.
Make a point of analyzing and responding to the market trends.
It’s like a chain reaction. A better product/or service that fits well into the market will garner a great market reaction.
Try to have a product /or service that are unique, and realistic.
6). Be a game changer-follow your passion
When Steve Wozniak co-founder of Apple Computer saw it necessary to work on his new idea, he had no money at the time.
He would do redesigning using the available parts repeatedly. For him to perfect his skills, he competed with himself.
Now, Apple computer reflects someone who had great passion and commitment. That said, when creating a product or a service, never look at the money part of it.
Ask yourself how it will solve the existing problems. If you want success, you must have the belief. What that belief is what going to be the game changer.
It is what’s going to keep you moving, even in times of uncertainty. In the long run, money will eventually come through.
7). Forget about being perfect. Just start.
Interestingly, most startup ideas start almost by accident. Others develop through trials and errors.
Don’t beat up yourself if you get it wrong. In fact, start as you continually improve from your mistakes.
The facts are, every well-established organization started from somewhere. Get to understand the dynamics of your business.
Most certainly, a well-executed idea, with the right team will surely succeed.
Sometimes, however, we get disgruntled along the way, but its normal.
8). Be persistent
Having a creative idea is one thing, and never giving up is another.
One thing that successful entrepreneurs will tell is that nothing comes easy. It takes hard work, perseverance, and patience to reach greater heights.
At some point, you might feel like giving up. Crises will occur, but how you handle crisis matters a lot.
Criticism is good as it is a sign that you are doing something. If you’re planning for an exit strategy, be bold enough to state your value, and handle it professionally.
Nobody is sure about the future, the road for startups is never for the faint-hearted.
Digital Marketing Insider 